Silver futures soar past Rs 3 lakh/kg; gold scale record high on global rally

New Delhi: Silver prices surged on Monday to cross the Rs 3 lakh-per-kg milestone in futures trade for the first time, supported by strong investor demand and global sentiment in precious metals.

On the Multi Commodity Exchange (MCX), silver futures for March delivery skyrocketed by Rs 13,553, or 4.71 per cent, to hit a record of Rs 3,01,315 per kilogram.

Over the past week, silver futures rallied by nearly 14 per cent, or Rs 35,037.

Gold futures too witnessed strong buying interest and scaled fresh records. The yellow metal for the February contract appreciated by Rs 2,983, or 2.09 per cent, to Rs 1,45,500 per 10 grams.

The metal has climbed Rs 3,698, or 2.7 per cent, over the previous week.

In the international market, Comex silver futures for March delivery jumped by USD 5.81, or 6.56 per cent, in the Asian trading session, to hit a record of USD 94.35 per ounce.

Gold for February delivery also climbed by USD 102.6, or 2.23 per cent, to scale an all-time high of USD 4,698 per ounce.

On the global front, silver gained USD 9.2, or 11.6 per cent, last week, while gold added USD 94.5, or 2.09 per cent, as both metals drew strength from rising geopolitical tensions and a weak US dollar.

Analysts said silver's rally has outpaced gold's in recent sessions, buoyed by rising industrial demand and supply concerns.